Farmers vs. GEICO: Best Auto Insurance for 2021
When it comes to Farmers vs. GEICO auto insurance, GEICO is usually cheaper and has slightly better financial and customer satisfaction ratings. Farmers insurance, on the other hand, is less expensive if you have a DUI. Farmers and GEICO also offer a wide range of discounts, which will have a significant impact on your rates.
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UPDATED: May 17, 2021
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- GEICO auto insurance is cheaper based on demographics, credit history, and driving record
- If you have a DUI, Farmers is cheaper
- Both companies offer many discounts to lower auto insurance rates
- Farmers and GEICO both have good financial and customer satisfaction ratings, although GEICO is slightly higher
You have a lot of options when it comes to automobile insurance, and comparing the pros and cons side by side will help you narrow down your options. We’ll compare Farmers vs. GEICO auto insurance companies to see which one better suits your needs.
Compare rates, discounts, financial ratings, and customer satisfaction to determine if either is right for you.
Before you read on to see how Farmers vs. GEICO stack up, get free insurance quotes. Enter your ZIP code to receive free quotes from multiple companies near you.
Is Farmers auto insurance or GEICO auto insurance cheaper?
You may be surprised to learn how auto insurance rates are determined. Car insurance companies base their rates on a variety of factors, including where you live, your age, driving record, and credit history.
These factors can make the difference in determining how affordable Farmers vs. GEICO auto insurance is for you.
Let’s compare Farmers vs. GEICO auto insurance rates based on some of these criteria to see who can provide you with the best price.
This table displays the average annual auto insurance rates for both companies based on your age, gender, and marital status.
|Age, Gender, and Marital Status||Farmers Average Annual Rates||GEICO Average Annual Rates|
|Single 17-year-old female||$8,666.24||$5,431.46|
|Single 17-year-old male||$9,202.06||$6,815.00|
|Single 25-year-old female||$2,672.81||$2,431.91|
|Single 25-year old male||$2,791.21||$2,739.66|
|Married 35-year-old female||$2,316.82||$2,202.69|
|Married 35-year-old male||$2,306.44||$2,214.18|
|Married 60-year-old female||$2,117.42||$1,987.35|
|Married 60-year-old male||$2,179.61||$2,005.06|
You can see that Farmers is more expensive than GEICO, no matter your age, gender, or marital status.
Another important factor that auto insurance companies use to calculate your rates is your driving record. If you have accidents, tickets, or DUIs, you will spend a lot more on your insurance than if you have a clean driving record.
|Driving Record||Farmers Average Annual Rates||GEICO Average Annual Rates|
|With 1 accident||$4,518.73||$3,192.77|
|With 1 DUI||$4,718.75||$4,875.87|
|With 1 speeding violation||$4,079.01||$2,645.43|
If you have a clean driving record, an accident, or a speeding ticket, Farmers is over a thousand dollars more expensive. If you have a DUI, however, GEICO will charge you more.
Your credit score has an impact on your auto insurance rates, which can surprise you. Insurance companies say that if you have a better credit score, you will be less likely to make a claim and more able to pay for repairs yourself.
|Credit History||Farmers Average Annual Rates||GEICO Average Annual Rates|
GEICO is less expensive regardless of the credit score. In a few states, such as California and Michigan, auto insurance companies are not allowed to use your credit score to calculate your rates.
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Farmers or GEICO: Which has better auto insurance discounts?
Car insurance discounts are a perfect way to save money on your rates. Most companies provide discounts based on a range of factors, including the number of vehicles you own, your occupation, and even the safety features of your vehicle.
This table shows you the discounts that are offered by Farmers and GEICO. If the amount of the discount is known, it is included. See which company can offer you the most discounts.
|Auto Insurance Discounts||Farmers (%)||GEICO (%)|
|Daytime Running Lights||x||1|
|Electronic Stability Control||x||N/A|
|Seat Belt Use||N/A||15|
|Students & Alumni||N/A||x|
The majority of the discounts are offered by both firms. However, the are some differences. For example, Farmers provides paperless discounts and GEICO does not.
GEICO, on the other hand, provides discounts for continuing education and customer loyalty.
When comparing Farmers vs. GEICO auto insurance quotes, make sure to inquire about any discounts.
How do Farmers and GEICO compare in financial strength and customer satisfaction?
Companies are ranked by A.M. Best based on their financial stability. Farmers insurance earned an A grade, indicating that they have an excellent ability to meet their financial obligations. GEICO earned an A++ grade, indicating that they have a superior ability to meet their obligations.
Farmers and GEICO also have A+ scores from the Better Business Bureau, and both companies are accredited.
J.D. Power rated both businesses for customer satisfaction based on factors such as what is offered, billing, price, and claims. Farmers received an average rating, while GEICO received a slightly higher rating.
Each company has an easy-to-use website and mobile app. Customers can access their accounts, make payments, and even file claims easily.
Both companies also offer additional insurance products. For example, you can get Farmers or GEICO home insurance, as well as business and life insurance.
Deciding whether to buy Farmers vs. GEICO auto insurance can be a difficult decision. Weigh GEICO vs. Farmers pros and cons to determine if either company is right for you.
Now that you’ve compared Farmers vs. GEICO auto insurance, enter your ZIP code to compare quotes from multiple companies near you for free.